Dissident TW shareholder Carl Icahn fires another salvo — heck, a whole series of them — at TW Chairman and CEO Dick Parsons, the TW board and corporate America in general. Icahn has moved past the notion of merely spinning off Time Warner Cable; he’s in full unbundle mode, suggesting the publications division would be more valuable on its own. He says he fears an AOL sale that would be too cheap a la the sale of Warmer Music ($2.6 billion). From the interview with BW’s Gene Marcial:
– “We are forming a slate of proposed directors to replace some or all of the board through a proxy fight, which could include Parson’s ouster.”
– “In breaking up Time Warner, the managers of the units would become unchained. They would be able to perform effectively and more profitably at much lower costs. Time Warner is a company that’s bloated with an unnecessary bureaucracy at the very top. What expertise do Parsons and the board have concerning AOL (TWX ), publishing and the rest of content, and cable? Just look at their blunders over the past three years. Most of the people who pulled off the worst merger in American corporate history [the 2001 Time Warner-AOL deal] have not been fired. In fact, they are still running the show. Where is the accountability?”
Companion piece about Icahn.
Related: A Glimpse Into TW Dissenter Carl Icahn’s Modus Operendi
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